Energy technology solutions company Bitech Technologies Corporation recently announced the sale of a significant portion of its solar project portfolio. This transaction is part of a broader strategy to strengthen its presence in the battery energy storage systems (BESS) market, a fast-growing sector, particularly in the USA, as evidenced by the X-ELIO project launched in 2023.
A Strategic Sale to Refocus on BESS
Bitech Technologies has signed a sales agreement with Bridgelink Development LLC for greenfield solar projects acquired through the merger with Emergen Energy LLC. These projects, representing a capacity of 2.425GW, were sold for a total of $19.4 million, subject to completion of the necessary connection points and land rights.
This sale is part of a strategy defined by Bitech’s Board of Directors, which has decided to focus the company’s resources on the development of BESS projects. Bitech’s President and CEO, Benjamin Tran, stressed the importance of this decision, given the substantial opportunities offered by the US BESS market, renowned for its rapid growth and ROI prospects.
Growth Opportunities in the BESS Sector
Bitech president Cole Johnson noted that the sale of non-strategic solar projects would not only generate current and future revenues, but also consolidate valuable operating partnerships with leading renewable infrastructure groups.
Bitech’s BESS portfolio is substantial, with an estimated capacity of 1.965GW. By investing in the financing and development of these projects, the company hopes to create sustainable value for its shareholders and position itself as a leading provider of energy storage solutions.
The American BESS Market: A Favorable Environment
The market for battery energy storage systems has grown significantly in the United States, driven by the integration of renewable energies, the need to stabilize the power grid, and economic and political incentives. By 2023, the cumulative capacity of BESS installations has increased by 96%, demonstrating the growth of this sector.
With a well-established regulatory framework and strong demand for energy storage solutions, the US market offers a stable and secure environment for investors, making it a prime opportunity for international financial partners.
By refocusing its efforts on BESS, Bitech Technologies hopes to establish itself as a key player in the field of sustainable energy and energy storage, while maximizing revenues and profits for its project financing partners.
